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石化化工交运行业日报第58期:MXD6强度及阻隔性能优异,国产厂商突破壁垒量产在即-20250507
EBSCN· 2025-05-07 03:11
2025 年 5 月 7 日 行业研究 今日产品价格动向:1)能源:国产 LNG 市场走势偏弱;下游需求有限,国 内动力煤价格弱势运行;原油走势趋弱;市场看空情绪明显,华中汽柴油价 格整体下调。2)化工:华东纯苯价格相对坚挺,南北价差扩大;下游检修 延迟,今日 PX 市场上涨;天然橡胶市场价格走势上行。3)新材料:下游压 价心态不改,负极材料企业仍面临降本增效压力;多晶硅市场活跃度欠佳, 价格有继续走跌趋势;节后市场偏弱势,六氟磷酸锂价格微幅下降。 投资建议:(1)持续看好低估值、高股息、业绩好的"三桶油"及油服板 块。建议关注:中国石油、中国石化、中国海油、中海油服、海油工程、海 油发展;(2)持续看好国产替代趋势下的材料企业,国产半导体材料、面 板材料有望受益,建议关注:晶瑞电材、彤程新材、奥来德;(3)积极的 货币及财政政策陆续出台,地产链及龙头公司有望率先受益,看好农药化肥 及民营大炼化板块,建议关注:万华化学、华鲁恒升、华锦股份;(4)看 好维生素及蛋氨酸板块,建议关注:安迪苏、浙江医药、新和成。 风险分析:原材料快速下跌和维持高位、下游需求不及预期风险。 基础化工 石油化工 交通运输仓储 MXD6 ...
石化化工交运行业日报第37期:有机硅行业格局优化,价格有望底部回升-2025-03-20
EBSCN· 2025-03-20 09:46
Investment Rating - The report maintains an "Overweight" rating for the organic silicon industry [5]. Core Viewpoints - The peak production period for organic silicon has passed, and companies are collaborating to reduce output, leading to a potential price recovery from the bottom [1]. - Domestic organic silicon DMC capacity increased from 1.515 million tons/year in 2019 to 3.44 million tons/year by 2024, with limited new capacity expected in the future [1]. - As of March 19, 2025, the average market price for organic silicon was 14,500 CNY/ton, reflecting an 11.5% increase since the beginning of the year, although profit margins remain negative [1]. - The demand for organic silicon is steadily growing, with a CAGR of approximately 10.7% from 2020 to 2024, driven primarily by the construction and electronics sectors [3]. - The report suggests that the limited new supply and increasing demand will likely stabilize and improve the pricing and profitability of organic silicon products [1][3]. Summary by Sections Section 1: Industry Overview - The organic silicon industry is experiencing a supply reduction due to increased maintenance and repairs among producers, with 182,000 tons of capacity under maintenance as of February 19, 2025 [2]. - The inventory levels of organic silicon DMC are stable, with a slight increase since September 2024, but still within the median range of the past three years [2]. Section 2: Demand and Applications - The apparent consumption of organic silicon DMC in China rose from 1.21 million tons in 2020 to 1.82 million tons in 2024, with significant growth in exports at a CAGR of 22.5% during the same period [3]. - Key application areas for organic silicon include construction and electronics, which account for 25% and 23% of consumption, respectively [3]. - The report highlights the potential for growth in high-end construction sealants and materials for photovoltaic and electric vehicle sectors, driven by policy support and technological advancements [3]. Section 3: Investment Recommendations - The report recommends focusing on companies in the organic silicon production sector such as Hoshine Silicon Industry, Xingfa Group, and New安股份, as well as application companies like Ruifeng New Materials and Silica宝科技 [3].